China is closer than it has ever been to converting its status as the world's dominant commodity consumer into genuine pricing power, driven by an opaque but politically connected state enterprise that has spent the past year locked in an unprecedented confrontation with mining giant BHP — and is already looking beyond iron ore
China Mineral Resources Group, known as CMRG, was established in July 2022 by the Communist Party's central committee and the State Council, with industry veteran Yao Lin at the helm and a direct line to President Xi Jinping's top economic adviser With registered capital of 20 billion yuan (approximately $2 9 billion), it was designed from the outset not merely as a purchasing consortium but as a centralised instrument of commodity market power — a geopolitical blueprint, in the words of one academic who studies it
Please login to your account to read an unabridged text.
If you don't have an account, you can create it free by registering here.
